PointOne Holdings sells 260-unit Hunters Point Apartments in Chattanooga for 35.8 million
Miami, Florida, September 23, 2019
PointOne Holdings has just announced the sale of Hunters Point Apartments located in Chattanooga, Tennessee. The property sold in August 2019 for $35.8 million.
The property was successfully marketed and sold by David Gutting and Vince Leffler of Jones Lang LaSalle (JLL). “This transaction represented a great opportunity for PointOne Holdings to successfully harvest profits derived from the strategic improvements and value add enhancements made during their hold period that not only yielded substantially higher rents, but also demonstrated to the buyer “proof of concept” in continuing those strategic enhancements,” said David Gutting, Managing Director of JLL Multifamily Investment Sales.
“Hunters Point Apartments is an excellent example of a successful execution by PointOne Holdings with the help of Pegasus Residential,” said Ben Colonomos, PointOne Holdings’ Managing Partner. “During the period in which PointOne Holdings owned and operated Hunters Point, the property consistently outperformed the submarket both in occupancy and rents while its net operating income increased by 36 percent.”
Hunters Point Apartments is located three miles from the Volkswagen Chattanooga manufacturing plant which is investing $800 million and adding over 1,000 jobs to begin manufacturing the brand’s electric cars.
“Hunters Point is a successful execution of PointOne Holdings’ strategy to add value to properties in our portfolio while generating real-time income to our investors,” said Leo Peicher, PointOne Holdings’ Managing Partner. “Our acquisition, management and sale of the property met our strategic goals, and we are proud to have delivered such value to our investors.”
PointOne Holdings has strategically shifted to the development of class-A multifamily properties in top in-migration suburban destinations fueled by strong population in-flows and high-end demographics and is presently developing 1,800 apartment units for a total combined value of $280 million.
PointOne Holdings is a real estate investment firm headquartered in South Florida and Atlanta with properties located throughout the Southeastern United States and Texas. The firm owns and manages a diversified portfolio of residential and commercial assets valued in excess of $730 million. PointOne Holdings’ core principles are founded on precise investment selection, thorough due diligence, creative deal structuring, strong financial management and proactive and responsive communication. PointOne Holdings’ principals are seasoned professionals with over 40 years of combined experience who have collectively conducted over $1.9 billion in real estate transactions. For more information visit www.pointoneholdings.com